IMF nominates managing director Lagarde for second term

WASHINGTON (AP) — The International Monetary Fund has nominated managing director Christine Lagarde for a second five-year term.

The IMF executive board said Thursday that Lagarde was the only candidate nominated.

In 2011, Lagarde was named the IMF's 11th managing director. She is the first woman to hold the position.

Lagarde, 60, formerly the French trade minister and an international lawyer, has led the multinational lending agency through the European debt crisis and a period of global economic stagnation which she's labeled as the "New Mediocre."